Marketing Principles Vocabulary

Burger King in Thailand offers rice as a side dish. This is an example of which type of market segmentation?

• Geographic

• Psychographic

• Behavioral

• Demographic

The coffee company, Rise & Grind, is wanting to market their new Pumpkin Latte to coffee drinkers ages 18-30. This is an example of which type of market segmentation?

• Geographic

• Demographic

• Psychographic

• Behavioral

The process of deciding how to get goods into customer's hands

• Marketing Information Management

• Channel Management

• Pricing

• Selling

Gathering good information about customers, trends, and competing products and then storing it and analyzing it is part of which function?

• Channel management

• Selling

• Promotion

• Marketing Information Management

Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience:

• Market Planning

• Marketing Information Management

• Selling

• Promotion

Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities:

• Market planning

• Promotion

• Product management

• Marketing information management

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business:

• Economic utility

• Promotion

• Revenue

• Marketing concept

The functions of marketing add value to a product. This added value in economic terms is called:

• Advertising

• Utility

• Revenue

• Marketing mix

Changing raw materials into usable goods or putting parts together to make them more useful is:

• Possession utility

• Information utility

• Form utility

• Price utility

Having a product where customers can buy it is:

• Possession utility

• Time utility

• Form utility

• Place utility